The initial public offering (IPO) market remained active last week, with 7 traditional IPOs raising nearly $2.1 billion. The week ahead plans to maintain that momentum, 8 companies planning to raise a collective $2.2 billion.
In the week's biggest offering and best performance, GitLab, Inc. (GTLB ) raised $801 million and finished the week up 49% after pricing its shares above its upwardly revised range. The software development company provides an end-to-end DevOps platform to over 3,500 customers.
Here's the rest of the week's debuts in order of offering amount:
AvidXchange Holdings, Inc. (AVDX ) priced its upsized offering at the high end of its upwardly revised range to raise $660 million. The business-to-business payments platform provides accounts payable software solutions to over 7,000 middle market businesses. The stock ended the week down 7%.
IHS Holding Ltd. (IHS ) priced its downsized offering at the low end of its range to raise $378 million. The telecom tower owner and operator has over 30,000 towers across nine countries in Africa, the Middle East, and Latin America. The stock finished down 21%.
Paragon 28, Inc. (FNA ) priced its shares at its midpoint to raise $125 million. The orthopedic medical device company is developing implants and related medical devices for foot and ankle ailments. The stock ended the week up 17%.
Lucid Diagnostics, Inc. (LUCD ) priced its shares at the low end of its range to raise $70 million. The medical diagnostics company makes tests for esophageal precancer and cancer in gastroesophageal reflux disease patients. The stock finished the week down 33%.
MiNK Therapeutics, Inc. (INKT ) priced its downsized offering at the low end of its range to raise $40 million. The biotech is developing allogeneic natural killer T cell therapies for cancer and other immune-mediated diseases. The stock ended the week flat.
Healthcare Triangle, Inc. (HCTI ) priced its downsized offering at the low end of its downwardly revised range to raise $13 million. The company provides data science and AI-enables software solutions, platforms, and services for the healthcare and life sciences industry. The stock ended the week down 13%.
For the week ahead:
Portillo's Inc. (PTLO ) plans to raise more than $466 million from nearly 20.3 million shares priced between $17 to $20 each. Known for its Chicago-style hot dogs, the company owns and operates a fast casual chain of 67 restaurant mainly in the Chicago metropolitan area.
P10, Inc. (PX ) plans to raise $368 million from 20 million shares priced between $14 to $16 each. The company is a multi-asset class private market solutions provider in the alternative asset management industry, with its existing portfolio solutions including Private Equity, Venture Capital, Impact Investing, and Private Credit.
Enfusion, Inc. (ENFN ) plans to raise more than $366 million from 18.75 million shares priced between $15 to $17 each. The software provider's solution allows clients to see and interact with all parts of the investment management lifecycle.
Aris Water Solutions, Inc. (ARIS ) plans to raise more than $365 million from 17.65 million shares priced between $16 to $18 each. The company's integrated pipelines deliver high-capacity, comprehensive produced water management, recycling, and supply solutions to operates in the core areas of the Permian Basin, including ConocoPhillips (COP ) and ExxonMobil (XOM ).
Vita Coco Company, Inc. (COCO ) plans to raise nearly $278 million from 11.5 million shares priced between $18 to $21 each. The coconut water brand holds 40%+ share of the U.S. market.
Ventyx Biosciences, Inc. (VTYX ) plans to raise nearly $153 million from about 7.81 million shares priced between $15 to $17 each. The inflammatory disease focused biotech's lead candidate, VTX958, is an oral, selective tyrosine kinase type 2 inhibitor initially being developed for psoriasis, psoriatic arthritis, and Crohn's disease.
Stronghold Digital Mining, Inc. (SDIG ) plans to raise nearly $122 million from more than 5.88 million shares priced between $16 to $18 each. The company wholly-owns and operates a low-cost, environmentally-beneficial coal refuse power generation facility.
Winc, Inc. (WBEV ) plans to raise $92 million from 5 million shares priced between $14 to $16 each. The company boasts that it is one of the fastest growing at scale wineries in the U.S., selling over 430,000 cases in 2020.